DocMagic is adding new generic SOFR Construction-to-Perm and New York CEMA loan programs which will use the 30-day Average SOFR index:
|
DocMagic Plan ID |
Description |
|
HS_36SCTP |
3/6 Homestyle Construction to Perm 2/1/5 |
|
HS_56SCTP |
5/6 Homestyle Construction to Perm 2/1/5 |
|
HS_76SCTP |
7/6 Homestyle Construction to Perm 5/1/5 |
|
HS_106SCTP |
10/6 Homestyle Construction to Perm 5/1/5 |
DocMagic’s new programs include the following SOFR Notes and Riders (previously released):
- Form 3441: Adjustable-Rate Note 30-day Average SOFR
- Form 3141: Adjustable-Rate Rider 30-day Average SOFR
- Form 3442: Fixed/Adjustable-Rate Note 30-day Average SOFR
- Form 3142: Fixed/Adjustable-Rate Rider 30-day Average SOFR
Generic multistate and state-specific forms will also reflect the new SOFR index as applicable, including the Adjustable Rate Disclosure (DocMagic Form ID: ARM.DSC).
The plans are available now in DocMagic’s testing environment and will be available in production on October 6, 2020.
If you have any questions, please contact DocMagic’s Compliance Department.
